The new Huobi Labuan is launching trading services in Malaysia shortly after having secured a digital asset trading brokerage service license from their authorities in September 2020.
It has been reported that for an initial nine-month trial period, the new platform will be able to offer crypto spot and derivatives trading for over a dozen cryptocurrencies including Bitcoin (BTC), Ether (ETH), EOS, and Huobi’s native token.
However, in terms of infrastructure, Huobi Labuan will act as a local operating partner of Huobi Cloud and use Huobi’s established trading technology for its local digital transaction brokerage services.
Despite the recent price drops, crypto exchanges are continuing to grow. It was just announced that @HuobiGlobal is expanding into Malaysia for a 9 month project. https://t.co/990JnhnOTg — Cointelegraph (@Cointelegraph) November 27, 2020
Labuan is just the latest in a string of licensed Huobi platforms or subsidiaries – the seven-year-old brand has a foothold in Thailand, the United States via strategic partner HBUS, Argentina, and Turkey.
Thus, the report said that Huobi has continued to expand its offerings by engaging with the DeFi space and decentralized internet projects such as Filecoin.